What happens when I die?

Factual Questions
1

Now that I’m 43 I was pondering mortality the other day. I’m divorced with two kids (11 year old son and 14 year old daughter with me approx 30% of the time) and both my parents have passed away. If I died tomorrow what happens to my house with a $ 75,000 mortgage amount still owed. My credit card bills? All my other bills? My life insurance policy?

Do the creditors line up as claimants against my “estate” Is my life insurance policy with my children as beneficiaries via my older sister subject to these claims? Who coordinates all this if I have not designated anyone to handle my estate in the State of Maryland?

I have no will. I’ve been meaning to get one done but just haven’t made the time. If I die intestate (no will) who takes care of all this? Does a will normally specify all this?

Hmmmm… in writing this it occurs to me I’d better make an appointment with my attorney.

2

Laws vary by state, but generally speaking if you die and leave no will the state will divvy your stuff up. According to their wishes. On their timetable. Probate can be an ugly thing, every adult needs a will.

3

I second the good Doctor. I finally did my will at 43, having two kids 2 & 4, and should have done it sooner. It is like a trip to dentist, you hate thinking about it but everything is so much better afterwards.

Dying is a financial nightmare to those you leave behind if you don’t leave a will. You made your own case, see an estate planning lawyer ASAP.